Disability Income Protection for Medical Students

What if you were to become a patient?

Do you have the appropriate coverage? RBC has a disability plan specifically designed for Canadian Medical Students. With industry leading coverage limits of up to $25,000/month (tax-free), requiring no medical underwriting – It is a career plan, built to grow with you.

And if anyone understands the vulnerability of good health and the need for personal financial protection, it’s medical professionals.

What makes the Medical Student Disability Offer valuable?

25% discount, applicable to the base contract AND all future increases in your benefit amount

Opportunity to increase your coverage up to $25,000/month (tax-free) over your career without ever being medically underwritten

Choice of Critical illness protection without medical or financial underwriting (Benefit amounts are a minimum of $50,000 up to $100,000)

Exclusive option to add business protection later on — with premium savings and no medical underwriting

The option to continue disability protection beyond age 65 or convert it to long term care insurance for lifetime protection

Fully guaranteed professional contract

Simple one page enrollment form, no medical requirements – seven simple questions when applying for both Critical illness and Disablity Insurance (six if only a disabilty application)

Building your customized plan

Choose your benefit amount (the amount that you would get paid if you needed to claim). You can choose any number between $500/m and the maximum you are eligible for based on your year of study (see “Coverage Eligibility” below).

Choose your Future Insurance Option (FIO) amount. FIOs give you the opportunity to increase your insurance coverage every year without medical questions. As your income increases, this feature helps your level of coverage (benefit/month) keep pace. The FIO amount is the maximum amount that you can increase your coverage by in each year. You can choose an amount between $500-$3000. This feature can be upgraded anytime up to 6 months after residency

Decide on the other features you would like in residency. These features can be added anytime up to 6 months after residency, without medical questions: Cost of Living Adjuster (COLA) and Own Occupation.

Level or Step Premium

Benefits of an Individual Professional Contract

Worldwide portability

Guaranteed contract

Guaranteed premiums until age 65 (Health care rider is subject to change. Currently there is no charge for this rider.)

Covers you in your specialty

Residual and partial benefits – therefore benefit payment is not an all or none proposition

90 Day elimination period* with benefits payable until age 65

Accumulation of Days* over 12 months

Ability to maintain policy beyond age 65 as long as you continue full time employment

Waiver of premium* if disabled 90 days with a full refund of the premiums paid from onset of disability

On each policy anniversary, the insured may excercise an increase to their monthly disability benefit by up to $3000

Future Insurance Options to increase coverage annually without medical evidence until age 55* up to $25,000/m of coverage

Cost of Living Rider*

Health Care Rider*

Presumptive Disability Benefit*

12 Month Recurrent Disability*

Up to 4 Months Recovery Benefit*

Survivor Benefit*

No Integration of benefits* if your income is reduced or of you receive benefits elsewhere

Ability to convert to Long Term Care insurance in the future offering life long protection

Return to work assistance program

Coverage eligibility

Any student enrolled in a recognized Canadian Medical School, residency, or fellowship is eligible. The benefit amount will reflect the appropriate level for each year of study.

The following monthly indemnities are available without income justification:

First and second year medical students – $2,000/month

Third year medical students – $3,000/month

Fourth year medical students – $4,500/month

Fellowship – $8,500/month

General Practitioners in first year of practice – $7,500

Specialists in first year of practice – $10,500/month

Your policy can be increased as a resident, fellow and first year practicing physician.

The following monthly indemnities (coverage amounts) are available without proof of income through the RBC Offer

Occupation

1st Year

2nd Year

3rd Year

4th Year

Residency / Fellowship

First Year of Practice

Premium Savings

Specialists

$4,500

$11,000

25%

Medical Students

$2,000

$2,000

$3,000

$4,500

Residents / Fellows

$4,500

General Practitioners

$7,500

Fellowship

$8,500

Frequently Asked Questions

I'm young, healthy and good looking - why should I care about disability insurance?

When you think of disability insurance, what is the first thing that jumps to mind? Broken Bones? Cancer? Often times it is accidents or illnesses that are catastrophic in nature. However, it doesn’t take a cataclysmic event for you to submit a successful disability claim. In fact, the leading cause of disability is mental illness (anxiety & depression).

Additionally, disability insurance isNOT an all-or-none proposition. Many disability policies provide partial benefits, if: Due to injury or illness, you are unable to perform at least one of the important duties of your regular occupation, OR you are unable to perform the important duties of your regular occupation on a full-time basis.

When you’re a healthy young adult, disability insurance is probably the last thing on your mind. Often times, we perceive ourselves as indestructible. However, accidents and sickness are quite unpredictable… affecting individuals that are both young and old, healthy and unhealthy. Statistics indicate that the likelihood a 25 year old becomes disabled for 90 days or longer within their working career is roughly 40%. Even more disconcerting is that the average length of the disability is 2.9 years. With this in mind, it is important to ask yourself: “Could I survive 2.9 years without an income?”

Understanding the risks, its important to note that steps can be taken to protecting yourself against the financial loss due to disability. Disability insurance is used to protect your future earning potential. It is part of a well-structured risk management plan. And, risk management is the foundation of financial planning.

Does the discount apply only to my original purchase?

No, you will be offered a premium reduction on insurance purchased today AND any coverage purchased in the future.

How does this plan differ from an association plan?

Association-type plans are not guaranteed. Features and premiums can change at any time without consent from insured members. In addition, many association-type plans include a “limitations” provision, allowing the insurer to reduce benefits. In essence, you may be paying for a benefit you may not be receiving. Under the Medical Student Offer, there is no such limitation clause. Premiums and contract wording are guaranteed to age 65.

Can I buy this from a Bank?

No, to take advantgage of this offer you’ll have to speak to an insurance broker.

What if I already have association coverage?

A minimum of $500/month will be issued, even if the propsed insured has in-force association coverage.

If I am healthy, are my rates less expensive?

No, rates are based on your age, gender, smoking status and the medical student discount.

When should I apply for disability income protection coverage?

Now. You should apply for coverage while you are a current medical student or in training and can qualify for this unique offer. If you are finishing your residency or fellowship and graduating in June or July, you have until Sept 30th of that calendar year to submit an application. If you are finishing your residency or fellowship at any other point in time, you have up to 30 days from the date of graduation to submit an application.